Anthony Scaramucci and his son, AJ Scaramucci, have invested over $100 million into American Bitcoin, the Bitcoin mining and treasury company cofounded by Eric Trump and backed by Donald Trump Jr., despite the elder Scaramucci’s well-documented political feud with the former president.
According to the report from Fortune, the investment came through Solari Capital, an investment firm founded by AJ Scaramucci, which led a $220 million funding round in July before American Bitcoin went public via a reverse merger in September.
The backing from the Scaramucci family transcends political divisions, with Bitcoin serving as a common ground between former adversaries.
Other participants in the funding round included life coach Tony Robbins, Cardano founder Charles Hoskinson, investor Grant Cardone, and serial entrepreneur Peter Diamandis.
SkyBridge Capital founder Anthony Scaramucci (left) with Eric Trump (middle) and Asher Genoot, chairman of American Bitcoin. | Source: FortuneFormer Rivals Unite Behind Bitcoin Treasury Strategy
Anthony Scaramucci’s brief 11-day stint as White House communications director in 2017 ended spectacularly following reports of a profanity-laden rant against Trump staffers.
Since then, the SkyBridge Capital founder has become a vocal critic of Trump, supporting Joe Biden in 2020 and Kamala Harris in 2024.
However, Trump’s embrace of crypto during his 2024 reelection campaign created unexpected alignment between the families.
“There may be a blue and a red team, but there’s also an orange team, and that’s Bitcoin,” Anthony Scaramucci told Fortune, referencing the cryptocurrency’s signature color.
AJ Scaramucci sourced the deal through his close friendship with Matt Prusak, the president of American Bitcoin, and his former Stanford business school roommate.
The younger Scaramucci saw opportunity in the company’s dual approach of mining Bitcoin while purchasing additional holdings on the open market, believing it could compete in the saturated market of public Bitcoin treasury companies.
“The Scaramuccis really believe in what American Bitcoin is doing, and they were willing to put kind of their personal issues aside and say, ‘Look, we think this is a great company,‘” said Asher Genoot, chairman of American Bitcoin.
The company has rapidly expanded its Bitcoin treasury to 4,004 BTC worth roughly $415 million, adding 139 BTC between October 24 and November 5 alone, making it the 25th largest corporate Bitcoin holder according to bitcointreasuries.net.
Mining Industry Faces Mounting Profitability Crisis
The investment comes as Bitcoin mining confronts its most challenging environment in years, with hash prices plunging to around $42 per petahash per second from $62 in July.
The metric, which measures daily revenue per unit of computational power, is approaching the break-even threshold that could force smaller miners offline.
April’s Bitcoin halving cut block rewards from 6.25 BTC to 3.125 BTC while network hashrate surged past one zetahash per second for the first time, creating a profitability squeeze across the sector.
Major miners are responding by pivoting toward artificial intelligence infrastructure, with Cipher Mining signing a $5.5 billion deal with Amazon Web Services in October and IREN securing a $9.7 billion agreement with Microsoft in November.
Last Friday, Bitfarms took the most dramatic step in abandoning Bitcoin mining entirely, announcing Thursday it will wind down operations over 2026 and 2027 after posting a $46 million third-quarter loss.
The company will convert its Washington State facility to support AI workloads using Nvidia’s next-generation GB300 GPUs under a fully funded $128 million binding agreement.
American Bitcoin’s strategy mirrors that of Strategy, formerly MicroStrategy, which holds over 641,000 BTC worth approximately $66 billion, making it the world’s largest corporate Bitcoin holder.
Notably, the Trump family’s broader crypto ventures have generated roughly $1 billion in pre-tax gains over the past year through tokens including TRUMP and MELANIA, which brought in $427 million, and WLFI, which added $550 million.
Their USD1 stablecoin has attracted $2.71 billion in reserves, backed one-to-one by U.S. Treasuries.
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